Ann: Cellmid Signs COVID-19 Rapid Diagnostic Supply Agreement, page-1199

so here is the maths. Aust Govt spent $10m on 500,000 units, that is $20 per unit.
CDY bought 12,000 units, am I right?
CDY outlay was circa $240,000 if that is the case.
So where is the other $5.76m of the $6m raise going to be spent?
If the tests cost $100 per unit, that would equate to $2.4m but that would be a pretty expensive wholesale price to pay for these kits from what I understand and would imply that CDY has been taken for a ride. Nonetheless, that leaves $3.6m excess cash.

And no, the Company could argue that the balance of the funds are being used to fund future inventory as if they were, they presumably have sold the units on hand and presumably for a profit, which, IMO, would be a major turnaround for the Company (profits that is) and would almost certainly result in an announcement, if not from a compliance point of view, I am certain the MD would have posted something on twitter as she is want to do.

In response to another question, what is the worst that could happen?

Well, if you do think the Company has some intrinsic value and will one day be profitable, you have just handed 30% of the issued capital to parties aligned with Mr Silver. That is to say, his group probably has control of the Company now. As to if he will roll the CEO and Board, that very much depends on the outcome of this Covid play I expect.

If nothing else, CDY is a great company to watch, if only for entertainment value! (It certainly isnt about creating shareholder value!)